Stanley Qu: Okay. For the second question about the loss. As the sales in the car products growing in China, the losses from vehicle repair and maintenance continuous scenario. But we kept expanding our power swap station network in 2022, which drove the loss increase of other loss and we will stick to the continuous deployment of power network and plan to newly build 1,000 power swap stations in 2023, as William mentioned. Therefore, we expect the loss of other business will continue to increase in 2023. But the continuous expansion of our power infrastructure will not only help us improve our user satisfaction but also help us to sell more cars in the market. So that’s all. Thank you, Edison
William Li: Thank you, Edison.
Operator: The next question comes from Jane Chang with CICC. Please go ahead.
Jane Chang: So, my first question is about with the further increase in the number of our distribution stocks, how we will cover more loyal tier cities, considering that these customers in those markets are very sticky to traditional luxury brands. So, will we make some more targeted adjustments in our products and marketing?
William Li: Thank you, for your question. When it comes to the expansion into the sub-tier cities, we’re not talking about the deployment of the NIO houses or NIO spaces. We believe that the more efficient way is to deploy the power swap stations in the sub-tier cities. For example, in Shandong province, , there’s some growing user base and the users at the beginning, they actually grow the user base themselves and then they worked together with us to deploy the power swap stations that — the first of our swap stations. Then later, we deployed the second power swap stations in this town. And now this town has around 500 users. So, for those sub-tier cities, especially when it comes to the Tier 3 and Tier 4 cities, we think the more efficient way for us to grow our user base deploy the power swap stations.
Previously, our power swap station is mainly deployed in the Tier 1 and Tier 2 cities, but this is our strategy this year to make sure we can deploy more power swap stations in the Tier 3 and the Tier 4 cities.
Jane Chang: My second question about — we can see that at the beginning of this year, the press competition in the energy vehicle market has become mild. And also, we are positioning on — positioning luxury brand market, where we can still see a greater press reduction in both energy new energy and ICE e-vehicle market. So we will be more aggressive in the price strategy of NIO models. Have you considered the way of reducing some consideration and reduce — to introduce more models with lower price?
William Li: Our consistent strategy is to keep our product pricing stable. So we do not have any plan to cut the features and functions for our product. So each of our products in our portfolio, we believe when we look at the features and functions, and the performance of those products as well as the user benefits. We think every aspect of the product is well deserved and well established when it comes to the product pricing and strategy. So for the NIO brand, we do not have any plan to cut the features and functions of product. And I think that, this is consistent of branding and the pricing strategy because of low pricing is not a part of the strategy or the DNA of the new brand. Thank you, Tim.
Operator: As there are no further questions. Now, I’d like to turn the call back over to the company for any closing remarks.
